Home sales have risen 12.9% in February compared to last year, the biggest spike in almost three years. While the total inventory has remained constant, requests for home tours has increased since last month.
Mortgage rates are still a little above 7% and home prices remain high but home buyers are urged to start looking now if they can afford it while competition is less. The chances of being able to negotiate a lower price or getting concessions is greater which can make up for a higher mortgage rate.